Radioshack, the electronics-related brand, has announced that it will now switch to a cryptocurrency-centric model. The company said its focus will be on “bridging the gap” to bring cryptocurrency into the mainstream. This is the latest iteration in the history of the brand that was known in the 70s and 80s for offering electronic products at the retail level.
Radioshack introduces Defi Business
Radioshack, a 100-year-old brand that was associated with consumer electronics devices and personal computers in the 1970s and 80s, is now loudly shifting its operations to a cryptocurrency model Data provided by the company. The mission of this new iteration of the company will be to “bring cryptocurrency to the mainstream”.
To that end, Radioshack will begin introducing a decentralized exchange or “swap” so that its users can exchange currencies for others without having to register on a commercial exchange. The backend for this endeavor, Radioshack explains, is provided by a partner protocol called Atlas UPS. The company estimates that this partnership will allow this new swap to offer traders less slippage as the exchange is expected to operate on its own liquidity model.
When the exchange starts it has its own native token called RADIO.
Drowned and risen twice
The path from radioshack to crypto comes after the company filed Filed for bankruptcy protection twice in 2015 and 2017 and published its last green figures in 2011. However, that brand was revived and acquired last year to become part of a brand portfolio in the hands of two investors. Alex Mehr and Tai Lopez have taken over the brand and are now deploying it in this new cryptocurrency-based focus.
When they took over the brand, the investors stated that they did not want to revive the old electronics store and wanted to turn Radioshack into an online marketplace. Merh stated:
We bought the raw material to build a big business. Brand means trust. And the brand is very, very strong. I have quantifiable data to show that the brand is very strong.
Radioshack isn’t the only long-established company to switch to crypto lately. Kodak, a photography-related brand, has also developed its cryptocurrencies bet As early as 2018, the company announced the introduction of its own token called Kodakcoin, which users can use to register their photos on a platform and license them for other purposes. However, this shift was short-lived and Kodakcoin was never launched.
What do you think of Radioshack and its linchpin for crypto? Let us know in the comments section below.
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Source: Crypto News Austria